# In the matter of Ambience Commercial Developers Pvt. Ltd. IA-3817-ND-2021 in (IB)-176-ND-2021

> NCLT judgment dated 2021-09-06. Citation: TCN-2021-NCLT-01181. The case involves an application (IA-3817/ND/2021) filed by the Financial Creditor under Rule…

- **Court:** NCLT
- **Order date:** 6 Sept 2021
- **Citation:** TCN-2021-NCLT-01181
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ambience-commercial-developers-pvt-ltd-ia-3817-nd-2021-in-ib-176-nd-2021-f33d5361

## Summary

### Background

The case involves an application (IA-3817/ND/2021) filed by the Financial Creditor under Rule 11 seeking to withdraw the application (IB-176/ND/2021) filed under Section 7 of the IBC. The applicant, Indiabulls Housing Finance Ltd., sought to withdraw its application against the respondent, AmbienceCommercial Developers Pvt. Ltd.

## Facts

Indiabulls Housing Finance Ltd. filed an application under Section 7 of the IBC against AmbienceCommercial Developers Pvt. Ltd. Subsequently, Indiabulls Housing Finance Ltd. filed IA-3817/ND/2021 under Rule 11 seeking to withdraw the initial application (IB-176/ND/2021). Mr. Datta, the learned Sr. Counsel for the Applicant, stated that they were instructed to apply for withdrawal and requested the liberty to initiate proceedings in case of further default by the Corporate Debtor. The court granted the requested liberty.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the initial application under Section 7 of IBC should be …

**Ratio:** The court has the discretion to allow the withdrawal of an application if sufficient

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**Reasoning:** The court considered the statement of the applicant's counsel that they were instructed

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**Interpretation:** This issue involves the interpretation of Rule 11, which governs the withdrawal

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**Application:** The court applied the ratio to the facts by allowing the withdrawal, as the

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## Parties

- **Judges:** DEEPTI M…; SUMITA PURK…; +1 more
- **Appellants:** Indiabulls…
- **Respondents:** AmbienceCommercial…
- **Advocates:** Krishnendu…; Anjali An…; +2 more

## Timeline

- **2021-09-06 — Order Del…**: Order delivered on the…

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